The Philippine Stock Exchange Index closed on January 21, 2020, Tuesday, at 7,466.65, down by 85.95 points or 1.14 percent.
All sectors closed in the red zone with the Financials sector down by 1.56 percent, Holdings by 1.32 percent, PSEi by 1.14 percent, Services by 0.92 percent, Industrials by 0.56 percent, and Mining and Oil by 0.19 percent.
The total turnover value was P7.14 billion where 55 percent of which is attributed to the trades of the foreign investors.
As of 10:41AM, the Philippine Stock Exchange Index is at 7,466.48. It already broke below the previous support at 7,475. That level is now acting as its immediate resistance. The new immediate support is now at 6,827 unless the main index will regain its position above 7,475.
If your stock has a bearish 10SMACD and/or bearish Momentum Power Indicator, it’s better for you to hold your position and respect your trailing stop. It’s also a logical option to reduce the percentage of risk on your trailing stop. You can use this trailing stop calculator.
I am Jaycee De Guzman, founder and CEO of Equilyst Analytics, Inc., a stock market consultancy firm in the Philippines. I am also the founder and CEO of iPresence Digital Marketing, Inc., an international digital marketing company.
